I have just started running this game and posting runs here. I Notice that there is roughly a 5m difference between the PS Disc and Emu records and I was curious is this just all down to loading times?

Also if so is there optimal Emu setting to make it load faster or is it naturally just another 5m quicker?

PS emu is faster due to loading times, yeah.

Loading speed would depend on the emulator and emulator version. Some load slower than others.